Residential property sales recorded through the MLS® System of the Barrie & District Association of REALTORS® Inc. were up strongly from year-ago levels for the second consecutive month in August 2011.
Home sales numbered 401 units in August 2011, an increase of 22 per cent compared to the same month last year. The large year-over-year increase reflects not only weak demand last summer, but also the current strength of home sales in the region.
“Demand continues to run at healthy levels, with the August sales figure marking just the fourth time in history that home sales in the month of August have topped the 400 mark,” said Catherine Garbe, President of the Barrie and District Association of REALTORS®. “As of the end of August, activity for the year-to-date had caught up with last year’s levels, and was also running ahead of the first eight months of 2009.”
Within the city of Barrie, gains were even stronger, with home sales jumping 51 per cent from year-ago levels to 269 units in August.
The year-to-date average price for all homes sold via the Association’s MLS® System in the first eight months of 2011 was $288,882, up three per cent from the same period last year.
The year-to-date average price figure for homes sold within the City of Barrie was $268,455. This was up one per cent on a year-over-year basis.
The Barrie & District Association of REALTORS® cautions that over a period of time, the use of average price information can be useful in establishing trends, but it does not indicate actual prices in widely divergent areas or account for price differentials between geographical areas.
The total dollar value of all home sales in August 2011 amounted to $120.3 million, a 24 per cent increase from year-ago levels.
New residential listings edged up one per cent from a year earlier to 655 units in August. The number of active residential listings on the Association’s MLS® System was 1,876 at the end of August 2011, up two per cent on a year-over-year basis.
There were 4.9 months of inventory at the end of August 2011 on a seasonally adjusted basis, which was unchanged compared to July. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.
Total sales activity in the Barrie region numbered 416 units in August, up 23 per cent compared to August 2010. The total value of all properties sold in August 2011 was $124.2 million, up 25 per cent from August 2010.
The Barrie and District Association of REALTORS® Inc. covers a geographical area that includes the City of Barrie and part or all of the surrounding townships, including Springwater, Oro-Medonte, Innisfil, Essa, Bradford-West Gwillimbury and Clearview. The Association provides continuing education, Multiple Listing Service® (MLS®), statistical information, and many other services to its members.